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Freeman Cebu Business

Russians eyeing to invest on mega-projects in Phl

Ehda Dagooc - The Freeman

CEBU, Philippines - Russian investors have expressed interest to invest on mega-projects in the Philippines, specifically on infrastructure, waste to energy related ventures preferably those that are open for Public-Private-Partnership.

Honorary consul of the Russian Federation Armie L. Garcia announced yesterday in a press conference that more Russians are now eyeing the Philippines as their preferred investment site in ASEAN because of its strategic location in the region.

"Russians are more comfortable in the Philippines. Based on their tourism experience, they are in love with the Filipinos," Garcia said.

Garcia, together with businessmen from Cebu and Manila, including business leader Gerry Sta. Ana, who is also the governor of the Board of Investments, just arrived from a nine-day trade mission to St. Petersburg and Moscow, which was organized by the Philippine-Russian Business Assembly.

Aside from mega projects that will be possibly inked via PPP agreement, Russian investors are also interested in other industries like banking, medical technologies, retirement villages, wellness, among others.

According to Sta. Ana, Russian retirees displayed strong interest to avail of retirement properties where they can retire in the Philippines.

While interest from Russian investors to the Philippines is gaining ground as players in the Russian banking sector are also going to make presence in the Philippines via partnership deals or conduits with Philippine-based banking companies.

Garcia, since her appointment as honorary consul for Russian Federation in 2007, had been consistently leading trade missions, sisterhood, and twin-city agreements with different cities in Russia, in order to capitalize on the opportunities from Russia in terms of tourism and investments.

Garcia said while the Philippines is seeing remarkable improvement Russian tourist arrivals, the country is also now gaining popularity among Russian investors in tourism investments, as well as other industries like food, real estate and construction, mining equipment supplies,waste recycling, information technology, and manufacturing.

"This is part of PRBAs mission to continue bridging business ties between the two countries, as representative business chamber in the Philippines and chief conduit for Philippine-Russian business relations," said Garcia.

A group of Russian businessmen will be coming to the Philippines in the next few months, probably by first week of October to make preliminary site seeing and linkages with possible business partners and investment opportunities here.

PRBA also plans to hold another trade mission to Russia this year. (FREEMAN)

BOARD OF INVESTMENTS BUSINESS CEBU AND MANILA GARCIA GERRY STA PHILIPPINE-RUSSIAN BUSINESS ASSEMBLY PHILIPPINES RUSSIAN RUSSIAN FEDERATION RUSSIAN FEDERATION ARMIE L ST. PETERSBURG AND MOSCOW
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